Facebook Pixel Conversion Value Tracking - Best Practice & Tips

By default, the currency parameter is set to your Facebook ad account's currency, so if you don't specify any, this is what Facebook will use. However, I think ... Home Strategies Videos Articles Contact Cart MyAccount Menu Home Strategies Videos Articles Contact Cart MyAccount PixelYourSiteProfessional Features FacebookPixel GoogleAnalytics GoogleAdsRemarketing ANYScript Changelog Add-ons PinterestTagAdd-On BingTagAdd-On TheSuperPack FacebookConversionAPI(CAPI) VerifyingyourDomainonFacebook HowtoaddthePinterestTag CartFlowsandPixelYourSite ProductCatalogs ProductCatalogFeedforWooCommerce VideoTutorials SmartOpenGraph EasyDigitalDownloadsProductCatalogFeed WordPressFeedforFacebookDynamicProductAds WooCommerceCostofGoods BundleDeal Menu PixelYourSiteProfessional Features FacebookPixel GoogleAnalytics GoogleAdsRemarketing ANYScript Changelog Add-ons PinterestTagAdd-On BingTagAdd-On TheSuperPack FacebookConversionAPI(CAPI) VerifyingyourDomainonFacebook HowtoaddthePinterestTag CartFlowsandPixelYourSite ProductCatalogs ProductCatalogFeedforWooCommerce VideoTutorials SmartOpenGraph EasyDigitalDownloadsProductCatalogFeed WordPressFeedforFacebookDynamicProductAds WooCommerceCostofGoods BundleDeal FacebookPixelConversionValueTracking:Whyusingtheproductpriceisnotalwaysthebeststrategy Shareonfacebook Shareontwitter Shareonlinkedin Thereisnoneedformetoexplainwhycorrectly trackingconversionvalueissoimportantforthesuccessofyourcampaigns.Notonlythatyouwillbeabletounderstandtheperformanceofyouradsbycalculatingthe costperaction,andReturnOnAdSpend(ROAS),butyouwillalsoallowFacebooktooptimizeforpeoplereachingthatevent.  Whatdoesthismean?Idon’thaveanyinsideinfo,butIcanspeculatethatwhenanadisoptimizedforincreaseconversiononthewebsite,Facebookwilltakeintoconsiderationthevalueoftheconversionwhenautomaticallyassessingadsperformance.  It’spossiblethatadswithaverylowROASwillbeconsideredinfectiveandmaybepenalizedatsomelevel.  HowdoyoutrackconversionvaluewiththeFacebookPixel TrackingconversionvaluewiththenewFacebookPixelinvolvesaddingavalueforthepixeleventsyouconsidertobeaconversion.Thisisprobablythecasewithmosteventsyouhaveonyourwebsite,excludingtheonesdedicatedtoCustomAudiencebuildingonly. Whenyoushouldassignavalueforapixelevent TheonlyeventthatmusthavevalueandcurrencyisthePurchaseevent.I’vebeentestingcampaignswithaPurchaseeventsendingnovalueatallandIcantestifythattheytendnottoworkverywell,withadsseriouslyunder-performingandunder-delivering. Fortherestoftheevents,whilethevalueisnotmandatory,trytosenditanytimeitmakessense.Ifthetriggeringofapixeleventhasaneconomicimpactonyourbusiness,thenyoushouldaddavalueparameterforthatevent.Thisisprobablythecasewithmosteventsthatyouhaveonyourwebsite. Youshouldalsoassign acurrencyparametereverytimevalueisused. Whathappensifyoudon’tsendacurrencyparametertogetherwiththevalueparameter? Bydefault,thecurrencyparameterissetto yourFacebookadaccount’scurrency, soifyoudon’tspecifyany,thisiswhatFacebookwilluse.However,Ithinkis bestpractice toadd currencyeverytimeyouusevalue,inordertoavoidanypossibleconfusions. HowtocorrectlycalculateFacebookpixelevent’svalue Putitsimply, thevalueofeacheventmustbeequaltothebusinessvalueofauserperformingthatevent.Thisisnot(necessary)thevalueoftheproductorproductsyouareselling.Actually,formostoftheevents,youmighthaveonthesite,usingthefullproductorservicepricemakesnosense. Ifyouknowthataconversionisworth$100andthat10%ofpeopletriggeringanevent convert,thenyoushouldusea$10valueforthatevent.Figuringthisoutwill depend onthecomplexityofyoursiteandwheretheeventliesintheconversionfunnel.OnehelpfultoolthatyoucanandshoulduseforthisassessmentisGoogleAnalytics.IthasaspecialConversionsection,whereyoucansetupgoalsandgetallthedatayouneedtocorrectlyestimatemostofyourFacebookpixelevents. HowtoimplementeventsvaluewithPixelYourSite That’saneasyone.Whenyoucreateanewevent(onapageoradynamicevent,triggeredonclicks)youalwayshavetheoptiontoassignvalueandcurrency.Doyourestimatesasexplainedbefore,andsimplyputinthemostappropriatevaluethatcomesoutforthatevent.Ifyou’readdingaCompleteRegistrationeventonanewsletterformandyouknowthateachnewuserhasalifetime valueof$10foryourbusiness,thenyoushouldusethatvalue. WooCommerceFacebookPixelEventsValue Thereare4differenteventsthatyouwillprobably useforaWooCommercewebsite,eachtriggeredwhentheuserisperformingakeyactiononthesite.Thevaluestrategyyoucanimplementforeacheventcanbebasedontheproductpriceandeacheventconversionrate. ViewContentEventValue ViewContenteventshouldbepresentonallyourproductpages(mandatoryifyouaredoingDynamicAds).Itisobviousthatusingtheproductpriceasavalueatthisstageisnotthebestapproachsincenotallthevisitorsofaproductaregoingtobuyit.Whatyoushoulduseinsteadisapercentofthepriceequaltothepercentofpeopleconvertingaftervisitingaproductpage. IfyouhaveGoogleAnalyticsEcommerceenableforyoursite(andyoushould),openitandthenselectarelevant timeframeofatleastamonth,thengoon Conversions>ProductPerformance. ThelastcolumnofthereportiscalledBuy-To-DetailReportanditshows Uniquepurchasesdividedbyviewsofproduct-detailpages.That’sthepercentyoushouldapplytotheproductpricetogetarelevantvaluefortheViewContentEvent. AddToCartEventValue Thiseventwillbetriggeredonceaproductisaddedtothecart.Wearenowtalkingaboutauserthathasclearintentinbuyingyourproducts.However,usingtheproductpriceasthevalueoftheeventisstillnotagoodidea,becauseyouwillexperiencesomecartabandonmentatthispoint.Whatyoushoulddoinsteadistoapplythepercentofusersthatwillfinalizethetransactiontotheproductprice. GotoConversion>ShoppingAnalysis>Shopping Behavior andlookfortheSessionsWithAddtoCartcolumn.Youwillseethepercentofuserswhocompletethetransaction(onaGreyarrow)andtheCartAbandonmentpercent. InitiateCheckoutEventValue Thiseventistriggeredwhentheclientlandsonthecheckoutandstartstoadditspersonaldatatocompletethetransaction.ThevaluestrategywillfollowthesamelogicasfortheAddToCartevent. GotoConversion>ShoppingAnalysis>CheckoutBehavior and lookfor SessionswithTransactionsdata.ThisisthepercentofpeoplethatarriveontheCheckoutPageandcompletethetransaction. PurchaseEventValue(mandatoryandsuperimportant) Thiseventistriggeredonce atransactioniscompleted,soyouwillnowforsuretheexactvalueof thepurchaseevent.ThereisnoneedtomakeestimatesandyoucansafelyusetheproductpriceasthePurchaseeventvalue.Dependinguponyourbusiness,youcandecideto includeorexcludetaxorshipping. HowtosetupWooCommerceEventsValuewithPixelYourSitePro Ifyou’reusingPixelYourSiteProyoucansetupeverythinginordertocorrectlypullWooCommerceeventsvalueinamatterofminutes.ThepluginwillalwaysaddacurrencyparameterusingtheWooCommercesettings.Thereisaglobaltaxoption,lettingyoudecidewhethertaxwillbeincludedorexcludedfromalleventsvalues. Turnonoroffvalueforeacheventanddefinetheconditionsforthisparameterateventlevel: useproductprice useapercentoftheproductprice useaglobalvalue–willbeusedfortheeventregardlessoftheproductprice YoucanenableanddefinevalueforeachWooCommerceevent WooCommercePurchaseEventValuewithPixelYourSitePro Thepurchaseeventfollowsthesamelogic,withanadditionaloptiontoincludeorexcludeshippingcost: include/exclude transport useproductprice useapercentoftheproductprice useaglobalvalue–willbeusedfortheeventregardlessoftheproductprice ThePurchaseeventvaluecanbeeasilydefinedwitPixelYourSitePro Conclusion TrackingthecorrectvaluesforyourFacebookPixelEventsisimportantnotonlyfortheaccurateassessmentofyouradsROI,butitcanalsohelptoimproveconversion,withFacebooksuggestingitmightuseitwhenitcomestoadsoptimizedforincreaseconversiononsite.Becauseofthat,everytimeaneventhasaneconomicvalueforourbusinessyoushoulduseit asavalueparameter.Thismakessenseforeventsthatyouconsidertobeaconversiononyourwebsite.IfaneventisdesignedforCustomAudiences(likeitisthecasewiththeGeneralEventaddedbyPixelYourSitepluginonalmosteverypagetosendFacebookessentialdata),thevalueisnotrequired. KeepinmindthataPurchaseeventshouldalwayshavevalue,otherwisetheperformanceofyouradsmightbeaffected.Addingacurrencyparameter isalsoagoodpracticetofollow. WhenitcomestoWooCommerce,usetherightpricepercentforthe allbutthePurchaseevent,whereyoushouldusethetotalvalueoftheproducts. FreeDownload GettrafficandnewclientsusingFacebook’sAI WordPressGuide WooCommerceGuide SENDMETHEGUIDES GetourBundleDealandjoin100000+onlinebusinessowners. Improveyourtrackingandboostyouradsreturn: GettheBundle 10Responses Thanksfortheclearexplanation. Justonequestion… WiththepurchaseeventshouldIbeusingthepricepaidbythecustomerORshoulditbetheactualprofitonthesale? E.g–ifcustomerpurchasesat£20butmyprofitis£10thenthevaluetomeis£10. Tobreakeven,myadvertwouldhavetoproduce1saleforevery£10spent. SoifFBtargetsusersbasedonthisinformation,thisfigureshouldeffectthepeopletargeted? Reply It’suptoyou.Ipreferthetotalpricesinceit’seasier. Ifyoucanfigureoutaglobalpercent(like50%forallyourproducts),youcanuseit. Reply Thankyouverymuchforsharingthisinformationandyourresultsregardingthesesettings. Reply Willthisworkwithupsellpageswiththewoocurveplugintoo? Reply IsuggestyouasktheWooCourvedeveloper.IfIamnotwrong,theycontactedusaskingaboutahooktofirethePurchaseeventontheirupsalepagesandweprovideittothem.Idon’tknowifitwasintegratedornot. Reply Yes,weintegrateditandwesupportPixelYourSite🙂 Inthelatestversionsyoucansetupanycustom Pixelevent,notonly“purchase”event. Andyoucanfireanyeventeitherwhenupsellpageisvisitedor whenupsell“yes/accept”buttonisclicked(oronboththeseevents). P.S.NewhomeofWooCurvepluginsisnowatBogdanFix.com(WooCurvebecamejustanecommerceblogandisnotsellingourpluginsanymore). Reply Hello ThankyouforyourexplanationbutIstillhaveadoubt.Thisismycase.Ihaveanadaccountindollars,butmystoreissellproductinlocalcurrency(CLP)andchargescustomersinthiscurrencyalso.ButwhenIrunadsIsetupthecampaignindollarstheproblemistheconversionvalueiswaytohighwhenasellcomesanditisnotequivalenttotherealprices.Myadsaresetupat$us5.-Purchaseevent. IbelieveFacebookthinksisgettingmyalotonROASwhenitisnotlikethat.Example:IsellaproductofCLP9000andFacebookthinksthatis$us9000,that´swhygivesmythathighconversionvalues.Thequestionis.ShouldIchangethepixelcurrencytoCLPtoavoidthisandcreateacustomconversionforeachproduct,sinceIcan´tchangemyadaccountcurrency?ButIreadthatchangingthepixelcurrencyisindeedpossible HopeImademyselfclear Thankyou Reply Youcansendtherightcurrencyforeacheventandthatcurrencywillprevailovertheoneyouraccountisusing. Reply IgotanIssueonthePurchaseconversion.TheAdsPerformanceasshowingagoodnumberofROI,ButGoogleAnalyticsasshowingasaVerylownumberoftheROI.Howtosolvetheproblem.EvenI’musingtheUTMparametertotracktheperformancetoeveryad. Reply Hi,Ihavequestionabout“purchaseevent”inmywoocommercewebsite.Iwonderifpixelonlysendthevaluewhenthecustomerplacetheorder(mypaymentmethodisbanktransfer,socustomerwhoplaceanordermightnotpayit)ORpixelcanknowtheorderstatusandonlysendvaluefororderthathaveconfirmationonthepayment? Ideallyitonlytrackordersthatispaid,butI’mnotsureifPixelcandoit. 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